Elan to begin formal sale process

LONDON--Biotechnology company Elan Corporation PLC
ELN, +12.50%
Friday said it is proceeding with a formal sale process in light of the expressions of interest received to date, and urged shareholders not to tender into the current offer from Royalty Pharma.

MAIN FACTS:

-Says Elan board and management are aligned in maximizing the full value potential of the business on behalf of shareholders

-Elan shares at 1321 GMT up 2 cents or 0.2% in Dublin, valuing the company at EUR4.75 billion.

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